9/20/2008

Stop pissing and moaning about the bailout ruining capitalism Market discipline and capitalism hasn't been working for thirty years. Failure is continually rewarded with pay raises, golden parachutes, and rich wives. Just take a look at something very small and very local: MSNBC. An anchor, Keith Olberman, is dead last in the ratings yet gets paid $2mln per year and made "head of news," Chris Matthews is similarly ratings challenged and gets raise after raise, the executives at the dead last enterprise hang on and get raises every year--all this for achieving last place. This is "Crony Capitalism for Dummies." Now check out the car business. They have refused to address the markets since the Japanese hit full force with economy cars that didn't break down after three years back in 1976 or thereabouts. Unchallenged leaders in the auto market like Cadillac, Chevrolet, and Ford kept churning out the same tired cars while their executives were rewarded for losing market share each and every year. Look at any business in the U.S. and ask yourselves if market discipline is working in any of them. Our problem is not capitalism. It is the complete absence of capitalism.